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technical analysis ethereum

Ethereum Price Analysis: ETH/USD Could Correct Towards $285-286

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price traded above the $290 level and almost tested the $300 resistance against the US Dollar.
  • This is an ascending channel in place with support at $291 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to correct lower in the near term towards the $286 or $285 support.

Ethereum price is moving nicely above $285 against the US Dollar, but stayed bearish vs bitcoin. ETH/USD may well correct lower towards $285 before resuming upsides.

Ethereum Price Trend

There was a slow and steady rise in ETH price from the $274 swing low against the US Dollar. The ETH/USD pair traded higher and broke the $285 and $290 resistance levels. There was even a close above the $285 level and the 100 hourly simple moving average. The price climbed higher and it almost tested the $300 resistance zone. A high was formed at $298.31 and the price is currently correcting lower.

It is currently testing the 23.6% Fib retracement level of the recent leg from the $274 low to $298 high. More importantly, there is an ascending channel in place with support at $291 on the hourly chart of ETH/USD. If there is a break below the channel support, the price may well test the $286 support. It represents the 50% Fib retracement level of the recent leg from the $274 low to $298 high. Additionally, the $285 level is also a decent support for buyers in the near term.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is placed nicely above the $285-286 zone. If it bounces from the channel support, it could retest the $298 high. Above the high, the price is likely to break the $300 resistance for a new intraday high. On the downside, below $291, the $285 and $286 levels are important supports.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is currently correcting lower towards the 55 level.

Major Support Level – $286

Major Resistance Level – $298

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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